The changing Metro Vancouver real estate market dynamics that started to see a decline in homes sales earlier this fall continued last month. Less homes were listed, and fewer sales were made, resulting in a 38.8% decrease from 3,646 sales in October 2015 to 2,233 in October 2016. It’s also a marginal 0.9% decrease from September 2016. Overall, October sales were 15% below the 10-year average for the month.

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”

Morrison went into further detail by stating the detached market has seen the largest reduction in homebuyer demand. He concluded with the tip: “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”

October Real Estate Market Stats:

New Listings (detached, attached, and apartment): 3,9813.5% decrease from October 201517% decrease from September 20169.5% below 10-year average for October

Total Active listings on MLS®: 9,1434.5% decrease from October 20152.3% decrease from September 2016

Sales-to-Active-Listings ratio: 24.4%

Benchmark price for all residential properties: $919,30024.8% increase from October 20150.8% decrease from September 2016

Benchmark price for a detached property is $1,545,80028.9% increase from October 20151.4% increase from September 2016

Detached property sales totaled 65254.6% decrease from October 2015

Benchmark price for an apartment property is $512,30020.5% increase from October 20150.3% increase from September 2016

Benchmark price for an attached unit is $669,20025.7% increase from October 20151.1% decrease from September 2016

Attached property sales totaled 40339.5% decrease from October 2015

For a complete comparison, visitrebgv.org. Want to sell, buy, or require a consultation? Contact me today.

Correction notice:

Altus Group, provider of the national MLS® Home Price Index (MLS® HPI), miscalculated in their September 2016 reporting which resulted in variances of between 0.1% and 5% in the benchmark prices the REBGV released last month. Click here for the updated report.

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